If you're not in the market to buy a home, you may be considering renting instead. However, according to Shapot, “today's rental market is on fire, rents are skyrocketing and incentives for landlords are being eliminated.” This means that renting won't be a cheaper option in the long run. Fortunately, Las Vegas has some advantages that make it an attractive place to live. The cost of living index is lower than many other places in the country, housing is affordable, and there is no state income tax.
Real estate website Zillow estimates that home values in the Las Vegas area will rise by about 18% this year, following an increase of between 25 and 30% last year. This is despite the fact that the pandemic has caused many people to lose their jobs. The first half of 2020 saw a huge surge in demand for housing in Las Vegas, Nevada.
Las Vegas was recently dubbed the country's riskiest real estate market by real estate analyst CoreLogic. However, Aldo Martinez, president of the Las Vegas Realtors trade association, believes that the working class will be pushed out of the market by the end of 2021. Wall Street is also striving to secure potential rents for buyers they will be forced to rent. Although these effects on the Las Vegas real estate market are considered to be short-term, it is unclear what the potential long-term impact could be.
Agents had to adapt to the way they did business due to the pandemic and people's reluctance to go out. Despite this, people still needed to buy houses. Not only is it limited to Las Vegas or Nevada, but you can also invest in some of the best real estate markets in the United States.
The Las Vegas area lost more than 200,000 jobs from March to April due to high unemployment numbers. Despite this, there are still plenty of suburban communities and beautiful parks right next to the Strip. Homes are selling faster than they were last year at this time, despite the devastating effect of the coronavirus pandemic on the economy. As home prices rise by double digits, many homeowners are afraid of missing out on something, believing there will never be a better time to sell.
Home prices continue to record huge gains year after year, making it even more expensive to buy a home as people also face higher costs for gasoline and other everyday items. If you're looking for an affordable and stable real estate market, consider investing in Reno instead of buying a couple of condos in Las Vegas. The Las Vegas Realtors trade association shows that the Las Vegas real estate market continues to rise with home prices rising, but sales are now starting to fall.
We've already analyzed historical and current trends in the Las Vegas real estate market to get answers on why investing resources in this market could be beneficial. Despite high unemployment numbers and rising home prices, there are still plenty of advantages that make Las Vegas an attractive place to live.
